A Florida quitclaim deed grants a property owner (the grantor) the ability to transfer rights and ownership of their property to another party (the grantee). The document does not guarantee the title’s status or the seller’s ownership, so it works best between trusted parties.
Laws & Requirements
Statute: Florida Statutes Chapter 689 and Chapter 695: Although state law provides that warranty deeds require specific language, it does not contain any requirements for specific quitclaim deeds language.
Signing Requirements: Fla. Stat. § 689.01 and Fla. Stat. § 695.26: A quitclaim deed needs to be signed by the grantor before a notary public or certain other public officials and two witnesses.
Recording Requirements: Clerks of County Courts: Each county may have its requirements, such as a self-addressed stamped envelope and a Property Transfer Information Form to be submitted with the deed. When recording a document, you will need to pay a recording fee in most counties.
Transfer Tax: Yes. Documentary Stamp Tax: In most counties, the tax rate is $0.70 per $100 of the total consideration paid. For Miami-Dade County, the tax rate differs depending on the residence type.
Additional Documents: County-specific requirements for filing a quitclaim deed may vary, potentially including additional documents like a self-addressed stamped envelope or a Property Transfer Information Form.
How to File
- Research County Requirements: Contact or search online for the county clerk’s office to find out registration fees, required paperwork, and if you need to provide a self-addressed, stamped envelope.
- Gather Necessary Documents: Collect your deed, current property title, Property Transfer Information Form, and your ID to prepare for the process.
- Complete the Quitclaim Deed: Draft your document using specified language or a provided form, and wait to sign it until in the presence of a notary.
- Visit a Notary: Ensure your form is signed, witnessed, and notarized as required by law, with proof of identification and witness signature.
- Submit to County Clerk: Take all paperwork to the county clerk’s office, pay relevant fees, and consider making copies beforehand to avoid additional costs.
Costs and Fees
Filing Fees:
- Research the filing fees set by your county; typically, expect around $10 for a basic one-page deed, with additional pages incurring higher costs.
Taxes:
- Documentary Transfer Tax: The state charges a Documentary Stamp Tax based on property consideration. Miami-Dade County has specific rates. Grantor typically pays. Exemptions include correcting errors, transfers between exempt parties, mortgage releases, gifts, nominal consideration transfers, and marital home transfers (Fla. Stat. § 201).
- U.S. Gift Tax (Form 709): Federal gift tax applies to high-value gifts, often applicable in real estate transactions. Generally paid by the grantor, but arrangements may vary. Florida doesn’t impose its own gift tax.
- Capital Gains Tax: The IRS assesses capital gains tax on appreciated property value upon sale. Gifting can avoid this tax but may not yield fair profit and might trigger gift tax. The state doesn’t apply separate capital gains tax.
Frequently Asked Questions
How long is a quitclaim deed good for in Florida?
In Florida, a quitclaim deed is valid indefinitely once properly executed and filed with the county clerk’s office where the property is located. There is no expiration date or timeframe during which the deed becomes invalid. Once recorded, the quitclaim deed becomes a permanent part of the public records, documenting the transfer of ownership interest from the grantor to the grantee.
It’s essential to ensure that the deed is accurately completed, signed, notarized, and filed according to the state’s legal requirements to ensure its validity and enforceability for as long as the property ownership remains relevant.
Can a quitclaim deed be contested in Florida?
Contesting a quitclaim deed in Florida is feasible in situations involving fraud, coercion, or undue influence during its execution.
Lack of legal capacity on the grantor’s part or material errors in the deed can also warrant contestation. Typically, contesting entails legal proceedings where evidence is presented to support the challenger’s claim in court.
Does a quitclaim deed have to be recorded to be valid in Florida?
Failure to record a quitclaim deed does not invalidate the transfer of ownership between the parties involved. However, unrecorded deeds may bring about potential challenges to ownership or difficulties in proving ownership rights in the future.
Therefore, it’s highly recommended that the quitclaim deed be recorded promptly after its execution to ensure its validity and to protect the interests of both the grantor and the grantee.
How long does it take for a quitclaim deed to be processed in Florida?
The processing time for a quitclaim deed in Florida can vary depending on several factors, including the workload of the county clerk’s office where it’s filed and whether all necessary documents are properly completed and submitted.
Generally, once the deed is submitted for recording, it may take a few days to several weeks for it to be processed and officially recorded. However, some counties offer expedited processing services for an additional fee, which can shorten the processing time significantly.
